- “Financial Shocks in Currency Markets: Evidence from UIP Premia” (with Ece Ozge Emeksiz, Andres Fernandez, Ivan Petrella and Tatjana Schulze), IMF working paper No. 2026/162
- “AI Meets Fiscal Policy: Mapping Government Spending Actions Across 64 Countries” (with Shuvam Das and Adrian Peralta-Alva, Davide Furceri), IMF working paper, CEPR Discussion paper
- “The original sin redux: a model based evaluation” (with Boris Hofmann and Steve Wu), revise and resubmit, European Economic Review.
- “High public debts: Are shocks or discretionary fiscal policy to blame?.” (with Adrian Peralta-Alva), Journal of International Economics (2025): Volume 158, 104130
- “Fiscal Consolidation and Public Debt” (with Sakai Ando, Prachi Mishra, Adrian Peralta-Alva and Andrea Presbitero), CEPR Discussion paper DP18548, Journal of Economic Dynamics and Control, 2025 (Volume 170).
- “Dollar invoicing, global value chains, and the business cycle dynamics of international trade” (with David Cook), Journal of International Economics, 2023 (Volume 145)
- “International Trade Finance and the Cost Channel of Monetary Policy in Open Economies”, BIS Working Papers No. 539, International Journal of Central Banking (October 2021).
- “Global Value Chains and Effective Exchange Rates at the Country-Sector Level” (with Zhi Wang and Shang-Jin Wei), Journal of Money, Credit and Banking 51 (2019): 7-42.
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Research & Publications
Publications and working papers
Work in progress
- “Financial Market Reactions to U.S. Fiscal News: Evidence from a Novel Daily News Database” (with Gökhan Ider)
- “Trade barries and exchange rates” (with Rudolfs Bems and Han Sun)
Publications in policy journals
- “The Anatomy of Public Debt Reductions: Case of India”(with Prachi Mishra)
- “Coming Down to Earth: How to Tackle Soaring Public Debt”, IMF World Economic Outlook, April 2023, Chapter 3.
- “FX execution algorithms and market functioning” Markets Committee Papers , No 13.
- “Trade credit, trade finance and the Covid-19 crisis” (with Frederic Boissay and Hyun Song Shin), BIS Bulletin No. 24, July 2020. [Annex] [Data]
- “Offshore markets drive trading of emerging market currencies” (with Dora Xia), BIS Quarterly Review, December 2019.
- “Does the financial channel of exchange rates offset the trade channel?” (with Jonathan Kearns), BIS Quarterly Review, December 2016.
Research notes and other papers
“FX interventions: goals, strategies and tactics” (with Paolo Cavallino), BIS papers No. 104, 2019
“Dollar invoicing, exchange rates and international trade”(with David Cook), BIS papers No. 96
“Macroprudential frameworks: Cross-border issues”, BIS papers No. 94
“Macroprudential frameworks: Communication”, BIS papers No. 94
“Measuring inflation”(with Agustin Villar), BIS papers No. 94